Gov. Mike Parson this morning signed tax-cut legislation into law after bills were approved during the General Assembly's special session.
Parson signed Senate Bills 3 and 5 and House Bill 3, according to a news release. He previously called the session specifically to focus on tax cut proposals.
"Every Missourian can support sending less of their money to the government, and we trust Missourians to make decisions with their own money," Parson said in the release. "This historic tax cut means more money for Missourians to spend, invest, and save. It means economic growth, business expansions, and good-paying jobs for Missourians both today and tomorrow."
The legislation signed into law today includes:
• the reduction of the top individual income tax rate to 4.95% from 5.2%, with a reduction to 4.5% once fully realized;
• the elimination of the bottom income tax bracket, meaning Missourians will earn their first $1,000 tax free;
• the elimination of income taxes for individuals making less than $13,000 per year or couples making less than $26,000 annually; and
• the extension of several tax credit programs, such as those for meat processing facilities, retail dealers of biodiesel and agricultural facilities.
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